STEWART ENTERPRISES, INC. Exhibit 12
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION> NINE MONTHS
YEARS ENDED OCTOBER 31, ENDED
------------------------------------------------------ JULY 31,
1995 1996 1997 1998 1999 2000
-------- -------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Earnings from operations
before income taxes ......................... $ 41,500(1) $ 82,075 $106,477(2) $ 64,964(3) $142,551(4) $ 88,582
Fixed charges:
Interest charges ....................... 22,815 26,051 38,031 44,107 55,543 46,772
Interest portion of lease expense ...... 1,343 1,522 2,181 2,814 2,859 2,130
-------- -------- -------- -------- -------- -----------
Total fixed charges ........................... 24,158 27,573 40,212 46,921 58,402 48,902
Earnings from operations before income
taxes and fixed charges, less capitalized
interest .................................... $ 65,658(1) $109,648 $146,689(2) $111,599(3) $200,118(4) $ 136,767
======== ======== ======== ======== ======== ===========
Ratio of earnings to fixed charges ............ 2.72(1) 3.98 3.65(2) 2.38(3) 3.43(4) 2.80
======== ======== ======== ======== ======== ===========
</TABLE>
---------------------
(1) Includes a nonrecurring, noncash charge of $17,252 recorded in connection
with the vesting of the Company's performance-based stock options.
(2) Excludes cumulative effect of change in accounting principles of $2,324
(net of $2,230 income tax benefit).
(3) Includes a nonrecurring, noncash charge of $76,762 recorded in connection
with the vesting of the Company's performance-based stock options.
(4) Excludes cumulative effect of change in accounting principle of $50,101
(net of $28,798 income tax benefit).
---------------------
During the periods presented the Company had no preferred stock outstanding.
Therefore, the ratio of earnings to combined fixed charges and preference
dividends was the same as the ratio of earnings to fixed charges for each of
the periods presented.
